Bitcoin Rises as Trump Points to “Extremely Strong” U.S.–China Relations

The Bitcoin price is on the rise today and is now looking to reclaim the psychological $90,000 level. This follows U.S. President Donald Trump’s statement of his country’s strong relationship with China after his call with his Chinese counterpart earlier today.

Bitcoin Rises Above $88,000 Following Trump’s Statement

TradingView data shows that the BTC price has surged above $88,000 today, reaching an intraday high of around $88,400. The flagship crypto is up almost 2% after climbing from an intraday low of around $85,000.

The Bitcoin rally follows Trump’s Truth Social post, in which he highlighted the “extremely strong” relationship with China. This came after his call with China’s President Xi Jinping.

Trump revealed that they had discussed many topics and that the call was a follow-up to their “highly successful” meeting in South Korea last month. The U.S. president noted that since that meeting, they have made significant progress on both sides in keeping their agreements up to date and accurate.

This marks a positive for Bitcoin and the broader crypto market, considering the heightened trade war between the two countries before now. Trump had threatened tariffs of up to 150% on China in early October, which sent the crypto market crashing.

However, as CoinGape reported, the U.S. and China have since reached a trade truce, and the call between both leaders further solidifies the budding relationship between the two countries. Trump also mentioned in his post that both leaders have agreed to make state visits next year, with him visiting China and China’s president visiting the U.S. “We agreed that it is important that we communicate often, which I look forward to doing,” Trump added.

Is The Bottom In For BTC?

Following today’s rally, Bitcoin is now looking to reclaim the $90,000 level. BitMEX co-founder Arthur Hayes had earlier predicted that the bottom may be near for the flagship crypto following its crash below $100,000 earlier in the month, which sent it to new lows.

Hayes had noted that liquidity was improving in the market, which marks another positive. He expects an increase in USD liquidity as the Fed ends quantitative tightening on December 1, while bank lending has also increased this month.

Meanwhile, market expert Julien Bittel indicated that more liquidity is bound to flow into the market as the U.S. government takes on more debt to keep expanding its GDP. He noted that Bitcoin is bound to thrive in this world of perpetual debasement, as governments monetize their debt through quantitative easing (QE)- style operations.